Banyan GOLD Grants Stock Options
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BANYAN GOLD GRANTS STOCK OPTIONS
December 16, 2021 TSX-V: BYN
VANCOUVER, BC, December 16, 2021 – Banyan Gold Corp . (the " Company" or " Banyan")
(TSX-V: BYN) announces that it has granted an aggregate of 3,325 ,000 options to purchase
common shares of the Company to certain directors, officers, employees and consultants. The
stock options are being issued in connection with Banyan’s annual compensation review process
and are granted under and are subject to the terms and conditions of the Company’s stock option
plan. All of the options granted are exercisable at $0.32 for a period of five (5) years.
2021 Drilling Program Update
The AurMac drill program for 2021 has now concluded, having expanded to four (4) drills and
completing 30,091 metres (“m”) of drilling in 135 diamond drill holes. Assay results from 63 holes
are pending in the coming months.
Diamond drilling at AurMac si nce the Q1 2020 maiden resource announcement is now over
40,000 m to date – which has all targeted resource expansion of the Airstrip Deposit; the
Powerline Deposit and the Aurex Hill zone.
The 2022 drill season will start early in the new year and the first 15,000 m of 30,000 m has been
planned. Additional drill locations will be determined after reviewing analytical results.
Qualified Person
Paul D. Gray, P.Geo., Vice President of Exploration for the Company, is a “qualified person” as
defined under NI 43-101 and has reviewed and approved the content of this news release.
Upcoming Events
• Vancouver Resource Investment Conference – January 16 & 17, 2022
o Booth and Presentation
• AMEBC Round-Up – January 30 to February 4, 2022
• CEM Whistler Capital Conference – February 18 to 20, 2022
• BMO 31st Global Metals & Mining Conference – February 27 to March 2, 2022
• PDAC 2022 – March 7 to 9, 2022
COVID-19 Update
Banyan Gold continues to take proactive measures to protect the health and safety of our Yukon
communities, our contractors and our employees from COVID 19. Exploration activities will
continue to have additional safety measures in place, regularly updated to follow and exceed all
the recommendations of Yukon’s Chief Medical Officer.
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About Banyan
Banyan's primary asset AurMac is adjacent to Victoria Gold's Eagle Gold Mine, in Canada’s
Yukon Territory, which announced commercial production on July 1, 2020. The AurMac initial
resource of 903,945 oz Au (see Table 2 below) was announced in May 2020. Our major strategic
shareholders include Alexco Resource Corp, Franklin Gold and Precious Metals Fund, Osisko
Development, and Victoria Gold Corporation. Banyan is focused on gold exploration projects that
have the geological potential, size of land package and proximity to infrastructure that is
advantageous for a mineral project to have potential to become a mine. Our Yukon based projects
both fit this model and our objective is to gain shareholder value by advancing projects in our
pipeline.
The 173 sq km AurMac Property lies 30 km from Victoria Gold's Eagle Project and adjacent to
Alexco's Keno Hill Silver District and is highly prospective for structurally controlled, intrusion
related gold-silver mineralization. The property is located adjacent to the main Yukon highway
and just off the main access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The
AurMac Property benefits from a 3 -phase powerline, existing Yukon Energy Corp. switching
power station and cell phone coverage. Banyan has optioned the properties from Victoria Gold
and Alexco respectively with a right to earn up to a 100% subject to royalties.
The 2020 Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-
101 (“NI 43-101”) guidelines for the AurMac Property is 903,945 ounces of gold (Table 1). It is a
near surface, road accessible pit constrained Mineral Resource contained in two near/on-surface
deposits: The Airstrip and Powerline deposits.
Table 1: Pit-Constrained Inferred Mineral Resources at a 0.2 g/t Au Cut-Off – AurMac Property
Deposit Classification
Tonnage
Tonnes
Average Au
Grade
g/t
Au Content
oz
Airstrip Inferred 45,997,911 0.524 774,926
Powerline Inferred 6,578,609 0.610 129,019
Total Combined Inferred 52,576,520 0.535 903,945
Notes:
1. The effective date for the Mineral Resource is May 25, 2020.
2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes
in global gold markets or other relevant issues.
3. The CIM definitions were followed for classification of Mineral Resources. The quantity and grade of reported inferred
Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these
inferred Mineral Resources as an indicated Mineral Resource and it is uncertain if further exploration will result in upgrading
them to an indicated or measured Mineral Resource category.
4. Mineral Resources are reported at a cut-off grade of 0.2 g/t Au, using a US$/CAN$ exchange rate of 0.75 and constrained
within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following
estimated parameters: gold price of US$1,500/ounce, US$1.50/t mining cost, US$2.00/t processing cost, US$2.50/t G+A,
80% heap leach recoveries, and 45° pit slop.
5. Mineral Resource Estimate prepared in accordance with 43-101 guidelines by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto
Consulting Inc, with technical report filed July 7,2020.
The Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast
end of the Tintina Gold Belt is a sediment hosted, structurally controlled, intrusion related gold
deposit, with a large land package (over 125 sq km), with the resource contained in the Main Zone
area (900 m x 600 m) daylighting at surface and numerous other known surface gold targets. The
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Main Zone oxide zone is amenable to heap leach open pit mining, with column leach recoveries
of 86%. The project has an existing gravel access road.
Table 2 shows the Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance
with NI 43 -101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t
AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading
0.83 g/t AuEq for 288,000 AuEq ounces. NI 43-101 prepared by Robert Carne, Allan Armitage
and Paul Gray on May 1, 2018.
Table 2: Hyland Main Zone Indicated Gold Resource Estimate
Cut-off
Grade
(AuEq g/t) In situ Tonnes
Au Ag AuEq
Grade
(g/t) Ozs
Grade
(g/t) Ozs
Grade
(g/t) Ozs
Indicated
0.3 8,637,000 0.78 216,000 7.04 1,954,000 0.85 236,000
Inferred
0.3 10,784,000 0.77 266,000 5.32 1,845,000 0.83 288,000
Notes:
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
2. All figures are rounded to reflect the relative accuracy of the estimate.
3. Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag
and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical
recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be
completed.
Banyan trades on the TSX -Venture Exchange under the symbol “BYN”. For more information,
please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie • 778 928 0556 • [email protected]
Jasmine Sangria • 604 312 5610 • [email protected]
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release. No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
FORWARD LOOKING INFORMATION: This news release contains forward -looking information, which is not
comprised of historical facts. Such information can generally be identified by the use of forwarding-looking wording
such as “may”, “will”, “expect”, “estimat e”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or
similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this news release includes, but is not limited to Banyan’s
objectives, goals or future plans; statements regarding exploration expectations, exploration or development plans; and
mineral resource estimates. Factors that could cause actual results to differ materially from such forward- looking
information include, but are not limited to, uncertainties inherent in resource estimates , capital and operating costs
varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to
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obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral
exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those
risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and
factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of new information, future events or otherwise,
other than as required by law.